 "Buy Bajaj Auto, HCL Infosystems and Dhanlakshmi Bank: Prabhudas Lilladher")
Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:
BAJAJ AUTO - BUY
CMP: Rs 2,792.75
TARGET: Rs 3,000
STOP LOSS: Rs 2,680
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The stock has made a lower bottom formation pattern in the daily chart and now has given a bullish candle with good volume participation. The RSI indicator recovering from the oversold zone has made a positive trend reversal signaling a buy. The stock for some time has been in a gradual correction mode and now has reversed its trend and we anticipate it to move upward to scale the previous peak level of around 3000. We recommend a buy in this stock for an upside target of 3000 keeping a stop loss of 2680.
DHANLAKSHMI BANK - BUY
CMP: Rs 42.25
TARGET: Rs 45.50
STOP LOSS: Rs 40
The stock has given a breakout above the previous peak of around 41.60 with a tremendous volume participation and is still showing potential for further upward move. The RSI has indicated a trend reversal with a positive bias while also the MACD is on the rise turning its trend positive. The stock looks attractive for scaling new upper targets and we recommend this stock for a buy for an upside target of 45.50 keeping a stop loss of 40.
HCL INFOSYSTEMS - BUY
CMP: Rs 49.35
TARGET: Rs 56
STOP LOSS: Rs 46.50
The stock has given a decent correction from the high levels of 60 to bottom out at around 44 level and now is in recovery path with decent volume participation. The RSI as well as MACD indicator is on the rise and is gathering potential for further upside move. We recommend to buy this stock for an upside target of 56 keeping a stop loss of 46.50.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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